Drop in gas prices predicted

14/03/2017

According to AAA retail gas price averages have fallen for 10 days to an average of $2.30 per gallon for regular unleaded.

The rare move comes as oil prices break out of their well-established rut of trading between $51 to $54 per barrel, territory that prices have remained stuck between since OPEC's November 30 decision to cut oil production. "All these factors could push pump prices 20-40 cents higher by Memorial Day". Fundamentals of oil have weakened, and with last week's large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now.

If you plan on filling up your gas tank you may notice it's going to cost you more, this is all due to rising gas prices. That price is 37 cents more per gallon than at this time past year.

The drop should be temporary because prices usually rise in the spring, a AAA spokesman said.

Record high storage levels of crude in the USA last week sent oil prices falling by about $5 a barrel, down to less than $48.50 a barrel for the US benchmark. Almost 10% of USA gas stations charged less than $2.00 a gallon, as of Monday morning.

In metro Albany, drivers were paying $2.113 Monday, also down a half-penny in a week and seven-tenths of a cent more than February 13.

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